SAN FRANCISCO: Chip giant Intel is laying off 235 employees in its fifth round of job cuts this year, and there may be more job losses at the company in 2024.

The layoff would be at its research and development facility in Folsom (Sacramento County), the media reported, citing regulatory filings to the State.

Scheduled to begin on December 31, it would take place over two weeks.

“Intel is working to accelerate its strategy while reducing costs through multiple initiatives, including some business and function-specific workplace reductions across the company,” a company spokesperson was quoted as saying.

There may be additional cuts in the New Year, the spokesperson informed. In previous rounds of layoffs, Intel eliminated 549 positions at its Folsom campus (just over 10 per cent of the total staff).